ISLAMABAD - Association of Builders and Developers (ABAD) on Monday said that government has not provided any relief to the construction industry in the budget, as the construction industry is playing key role in the economic development of the country.
Arif Yousaf Jeewa, chairman, Abad, said that if government make conducive policies for construction industry and address its key issues, this industry has the potential to make three times increase in the country's GDP. He was of the view that for sustainable development of the economy, the government should bring reforms in taxation and other policies in consultation with the stakeholders of construction industry. He was addressing business community at Islamabad Chamber of Commerce and Industry during his visit along with a delegation.
Mohsin Sheikhani, Patron-in-Chief, Abad was also in the delegation. Sheikhani said that due to better policies, small country like Vietnam was making annual exports of over $246 billion while the exports of Bangladesh have also reached $33 billion, however, due to inconsistent policies in Pakistan, our exports were on the decline. He said Pakistan needed to build 0.8 million housing units every year to bridge the housing shortfall. To achieve this goal, government should take measures to make growth-oriented policies for construction industry.
It would also give boost to allied industries leading to significant improvement in Pakistan's tax revenue and exports. He emphasized that government should provide loans on soft terms to the people for purchasing housing units that would also strengthen the construction industry.
Sheikh Amir Waheed, president, ICCI said that the growth of over 40 allied industries was linked with the construction industry and urged that the government should resolve key issues of this important industry on urgent basis. It would help in better growth of construction industry leading to economic stability of the country as well.
He lauded the efforts of Abad for organizing a successful international expo in Islamabad that promoted soft image of Pakistan. He assured that ICCI would fully cooperate with Abad in resolving key issues of real estate and construction sector.